Mortgage Daily

Published On: January 26, 2005
HSBC Adding Employees, Curtailing CorrespondentEthnic focus leads to more CA jobs

September 26, 2005


HSBC Mortgage Corp. is targeting retail ethnic markets — and adding mortgage production jobs in the process. But the revised focus comes at the expense of anticipated correspondent production.

The Depew, N.Y.-based lender will hire at least 50 employees within the next six months at its headquarters, California, Florida, New Jersey and other areas within HSBC Bank USA N.A.’s footprint, company spokeswoman Kathy Young told in an e-mailed statement.

The anticipated additions to HSBC’s existing mortgage staff of 1,500 employees will encompass entry level to officer level jobs, including closers, underwriters, senior underwriters, credit risk and marketing, she said.

The mortgage banker, which announced in July it would hire 500 employees for a new Tampa Bay servicing operation, is “leveraging the high brand recognition we have in ethnic markets and adjusting our product offerings where appropriate,” Young said.

While the hires are intended to be placed in areas where HSBC sees strong growth opportunity within cultural markets, Young pointed out this is especially so in California, where it has a large and growing ethnic market.

Consistent with its strategy, HSBC will also de-emphasize correspondent purchases in 2006 as a percent of its total production, while continuing to grow the retail channel on both an absolute and percent of the total basis. Other growth will come from the wholesale and home equity channels, according to the e-mailed statement.

As a result of its strategic focus to profitable growth, HSBC projects 2005 volume of $15 billion, more than halfway below its level of $32.6 billion last year, Young said.

However, by implementing the new focus, the company anticipates growing annual production to approximately $21 billion in 2006, she added.

Coco Salazar is an assistant editor and staff writer for [email protected]

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